Tribune Said to Want to Sell All Newspapers in One Deal

March 5 (Bloomberg) -- Tribune Co., the media company that
entered discussions to sell its newspapers earlier this year, is
seeking a single buyer for all of the publications, said two
people with knowledge of the process.

Tribune, which emerged from bankruptcy at the end of 2012,
owns the Los Angeles Times, the Chicago Tribune and six other
daily papers. While the bidding is still in the early stages,
the company is seeking acquirers who are willing to purchase the
newspaper chain together, said the people, who asked not to be
named because the talks are private.

Doing a single transaction would simplify the process for
Tribune, letting it focus on its more lucrative television
business. The company, based in Chicago, hired former Fox
Broadcasting President Peter Liguori as its chief executive
officer in January. Tribune operates 23 TV stations, along with
websites such as Cars.com.

Freedom Communications Inc. is a potential buyer of the
whole chain. The company, which publishes the Orange County
Register and other papers in California and Arizona, sees value
in owning all of Tribune’s newspapers, Chief Executive Officer
Aaron Kushner said in an interview.

“We do happen to believe all of Tribune’s newspapers may
likely fit the profile of what would work for our business model
and team,” he said. “But there are no shortcuts, and we intend
to make sure that before we take responsibility for a
community’s newspaper, we know we can manage it and help it
grow. When you buy a newspaper for a community it’s a real long-term commitment.”

News Corp.

Other parties would prefer to purchase individual
publications rather than the entire lot, according to the people
familiar with the matter. Rupert Murdoch, chairman and CEO of
News Corp., is considering the Los Angeles Times, while
Wrapports LLC, the publisher of the Chicago Sun-Times, is
interested in the Chicago Tribune, the people said.

Warren Buffett, who told investors last week that he’s
looking to buy more newspapers, has expressed interest in the
Morning Call, the people said. That paper, which serves
Allentown, Pennsylvania, is one of the smallest in Tribune Co.’s
collection. The chain also includes the Baltimore Sun.

It may still be possible for multiple bidders to team up on
a single transaction depending on how the negotiations go, the
people said. Tribune is assessing deals with the help of
JPMorgan Chase & Co. and Evercore Partners Inc., which were
hired as financial advisers after the company received
unsolicited interest in the newspapers, people familiar with the
matter said last week.

Gary Weitman, a Tribune spokesman, declined to comment, as
did Nathaniel Brown, a spokesman for New York-based News Corp.
Alisa Alexander, a spokeswoman for Wrapports, said the company
is looking at some of Tribune’s assets, without elaborating. A
representative for Buffett didn’t respond to a request for
comment.

Tribune’s publishing group was valued at about $623 million
in its bankruptcy filings, $300 million lower than a January
2011 estimate.